UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM 8-K

 

CURRENT REPORT

Pursuant to Section 13 OR 15(d) of The Securities Exchange Act of 1934

 

Date of Report (Date of earliest event reported): August 1, 2019

 

B. RILEY FINANCIAL, INC.

(Exact name of registrant as specified in its charter) 

         
Delaware   001-37503   27-0223495

(State or other jurisdiction
of incorporation)

  (Commission File Number)   (IRS Employer
Identification No.)

 

 21255 Burbank Boulevard, Suite 400

Woodland Hills, California 91367

818-884-3737

(Address, Including Zip Code, and Telephone Number, Including Area Code, of Registrant’s Principal Executive Offices)

 

 Securities registered pursuant to Section 12(b) of the Act: 

 

Title of each class   Trading Symbol(s)   Name of each exchange on which registered

Common Stock, par value $0.0001 per share

 

RILY

 

Nasdaq Global Market

7.25% Senior Notes due 2027   RILYG   Nasdaq Global Market
7.50% Senior Notes due 2027   RILYZ   Nasdaq Global Market
7.375% Senior Notes due 2023   RILYH   Nasdaq Global Market
6.875% Senior Notes due 2023   RILYI   Nasdaq Global Market
7.50% Senior Notes due 2021   RILYL   Nasdaq Global Market
6.75% Senior Notes due 2024   RILYO   Nasdaq Global Market

 

Not Applicable 

(Former name or former address, if changed since last report)

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

 

Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
   
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
   
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
   
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
 

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

 

Emerging growth company ☐

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

 

 

 

 

 

Item 2.02. Results of Operations and Financial Condition.

 

On August 1, 2019, B. Riley Financial, Inc. issued a press release reporting its financial results for the second quarter ended June 30, 2019. A copy of the press release is attached hereto as Exhibit 99.1.

 

The information set forth in this Current Report, including Exhibit 99.1 attached hereto, is being furnished and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of such section. The information in this Current Report, including Exhibit 99.1 attached hereto, shall not be incorporated by reference into any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as expressly set forth by specific reference in such a filing to this Current Report.

 

Item 9.01. Financial Statements and Exhibits.

 

(d) Exhibits

 

Exhibit No.

  Description
99.1   Earnings Release dated August 1, 2019

 

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SIGNATURES

 

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 

August 1, 2019 B. RILEY FINANCIAL, INC.
   
  By:   /s/ Phillip J. Ahn
    Name:   Phillip J. Ahn
    Title:  

Chief Financial Officer and

Chief Operating Officer

 

 

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Exhibit 99.1

 

  www.brileyfin.com

 

B. Riley Financial Announces Record Results for Second Quarter 2019 and Increases Quarterly Cash Dividend

 

Reports record revenues of $164.7 million, adjusted EBITDA of $52.9 million, net income of $22.2 million

Declares regular dividend of $0.175 per share and special dividend of $0.325 per share

 

LOS ANGELES, August 01, 2019 – B. Riley Financial, Inc. (NASDAQ:RILY) (the “Company”), a diversified financial services company which operates through several wholly-owned subsidiaries, today announced results for the second quarter ended June 30, 2019.

 

Second Quarter 2019 Highlights

 

Total revenues of $164.7 million

 

Net income of $22.2 million or $0.82 per diluted share

 

Adjusted EBITDA of $52.9 million

 

Adjusted net income of $28.3 million or $1.05 per diluted share

 

“Our strong performance demonstrates successful execution in diversifying our revenue while continuing to improve profitability across our distinct businesses. Our record results were primarily driven by the completion of several retail liquidation projects and an increase in investment banking revenues over the prior quarter. GlassRatner and magicJack have contributed meaningfully to our results, while appraisal and wealth management maintain steady contributions,” said Bryant Riley, Chairman and Co-CEO, B. Riley Financial. “The increase in our regular quarterly dividend to $0.175 reflects continued confidence in our long-term outlook and reinforces our commitment to deliver strong returns to shareholders. We remain excited by the proprietary investment opportunities that our growing platform offers, and we expect continued momentum in our business as we look ahead.”

 

Second Quarter 2019 Financial Summary

 

For the three-month period ending June 30, 2019, total revenues increased to $164.7 million, up from $125.5 million in revenues for the second quarter of 2018.

 

Capital Markets Segment: Revenues increased to $94.2 million from $77.8 million for the same year ago period. The year-over-year increase was primarily driven by the addition of GlassRatner, which the Company acquired on August 1, 2018, and income from investments. Segment income increased to $24.4 million from $12.0 million for the same year ago period. Improved performance from investment banking contributed to an increase from the prior quarter which recorded segment revenue of $85.3 million and segment income of $13.9 million for the first quarter of 2019.

 

Auction and Liquidation Segment: Revenues increased to $34.9 million from $26.8 million for the same year ago period. Segment income increased to $17.8 million from $16.3 million for the same year ago period. The increase was driven by the completion of several retail liquidation projects during the quarter. Results also increased compared to the first quarter of 2019 which recorded revenues of $20.7 million and segment income of $11.5 million. Results for this segment are expected to vary from quarter-to-quarter and year-to-year due to the episodic and cyclical nature of the retail liquidation industry in which Great American Group conducts business.

 

Valuation and Appraisal Segment: Revenues for Great American Group Advisory & Valuations Services increased to $9.7 million from $9.5 million for the same year ago period. Segment income totaled $2.7 million compared to $2.9 million for the same year ago period. Results for this segment remain relatively steady quarter-over-quarter.

 

Principal Investments Segment: Revenues increased to $25.8 million compared to $11.4 million for the same year ago period. Segment income increased to $7.8 million compared to $4.7 million for the same year ago period. The increase in segment revenue and income was primarily driven by the acquisition of magicJack on November 14, 2018. Results for this segment also include contributions from United Online.

 

B. Riley Financial, Inc. |  www.brileyfin.com |  NASDAQ: RILY

 

 

 

 

 

 

Net income attributable to B. Riley Financial increased to $22.2 million or $0.82 per diluted share compared to $17.0 million or $0.64 per diluted share for the same year ago period.

 

Adjusted EBITDA increased to $52.9 million for the second quarter of 2019 compared to $41.4 million for the same year ago period. Adjusted EBITDA includes earnings before interest, taxes, depreciation, amortization, restructuring, share-based payments, and transaction related and other costs. (See “Note Regarding Use of Non-GAAP Financial Measures” below for further discussion of this non-GAAP term.)

 

Adjusted net income increased to $28.3 million or $1.05 per diluted share compared to $22.8 million or $0.86 per diluted share for the same year ago period, and $16.4 million or $0.61 per diluted share for the first quarter of 2019. Adjusted net income excludes the impact of share-based payments, amortization of intangible assets, restructuring costs, transaction related and other costs, and tax impact of aforementioned adjustments. (See “Note Regarding Use of Non-GAAP Financial Measures” below for further discussion of this non-GAAP term.)

 

As of June 30, 2019, the Company had $55.6 million in cash and cash equivalents, $29.2 million due from clearing brokers, $5.3 million in advances against customer contracts, $250.5 million of loans receivable, $227.5 million in net securities and other investments owned, and $664.6 million of total debt. The Company had a net cash and investments balance of approximately $13 million, net of debt. The investment balance includes approximately $107 million in equity investments and deposits included in prepaid expenses and other assets.

 

During the quarter, the Company announced the repurchase of approximately 638,000 warrants representing over two percent of total shares outstanding at June 30, 2019. Total B. Riley Financial stockholders’ equity increased to $276.5 million as of June 30, 2019.

 

Declaration of Dividend

 

The Company’s Board of Directors declared an increase to the regular quarterly dividend from $0.08 per share to $0.175 per share. The Board of Directors also declared a special dividend of $0.325 per share, when combined with the $0.175 regular dividend, amounts to a total cash dividend of $0.50, which will be paid on or about August 29, 2019 to stockholders of record as of August 15, 2019.

 

Conference Call

 

Bryant Riley, Chairman and Co-CEO; Tom Kelleher, Co-CEO; and Phillip Ahn, CFO and COO, will host a conference call today at 4:30 p.m. Eastern time (1:30 p.m. Pacific time) to discuss the Company’s financial and operational results, followed by a question and answer period.

 

Please call the conference line 10 minutes prior to the start time and an operator will register your name and organization. The live broadcast and archive will be available on the Company’s investor relations website.

 

B. Riley Financial Q2 2019 Earnings Call Details

Date: Thursday, August 1, 2019
Time: 4:30 p.m. Eastern time (1:30 p.m. Pacific time)
Toll-Free: 1-855-327-6837
International: 1-631-891-4304

 

Replay Dial-In (expires on Thursday, August 8, 2019)

Toll-Free: 1-844-512-2921
International: 1-412-317-6671
Replay Pin: 10007337

 

For more information, visit ir.brileyfin.com.

 

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About B. Riley Financial

 

B. Riley Financial (NASDAQ:RILY) provides collaborative financial services and solutions tailored to fit the capital raising and financial advisory needs of public and private companies and high-net-worth individuals. The Company operates through several wholly-owned subsidiaries, including B. Riley FBR, a full-service investment bank and institutional brokerage; Great American Group, a leading provider of asset disposition, appraisal, corporate advisory and valuation services; GlassRatner, a specialty financial advisory services and consulting firm; B. Riley Wealth Management, B. Riley Asset Management and B. Riley Alternatives, which offer investment management to institutional and high net worth investors; Great American Capital Partners, which originates and underwrites senior secured loans for asset-rich companies; and B. Riley Principal Investments, which invests in or acquires companies and assets with attractive return profiles. For more information, visit www.brileyfin.com.

 

Forward-Looking Statements

 

Statements in this press release that are not descriptions of historical facts are forward-looking statements that are based on management’s current expectations and assumptions and are subject to risks and uncertainties. If such risks or uncertainties materialize or such assumptions prove incorrect, our business, operating results, financial condition and stock price could be materially negatively affected. You should not place undue reliance on such forward-looking statements, which are based on the information currently available to us and speak only as of the date of this press release. Such forward looking statements include, but are not limited to, statements regarding the Company’s anticipated results of operations for 2019, expectations regarding the size and consistency of returns, expectations regarding market dynamics, as well as statements regarding our excitement and the expected grown of our business segments. Other factors that could adversely affect our operating results and cash flows include (without limitation) those risks described from time to time in B. Riley Financial, Inc.’s periodic filings with the SEC, including, without limitation, the risks described in B. Riley Financial, Inc.’s Annual Report on Form 10-K for the year ended December 31, 2018 under the captions “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations.” Additional information will be set forth in our Quarterly Report on Form 10-Q for the quarter ended June 30, 2019. These factors should be considered carefully, and readers are cautioned not to place undue reliance on such forward-looking statements. All information is current as of the date this press release is issued, and B. Riley Financial, Inc. undertakes no duty to update this information.

 

Note Regarding Use of Non-GAAP Financial Measures

 

Certain of the information set forth herein, including adjusted net income and adjusted EBITDA, may be considered non-GAAP financial measures. B. Riley Financial believes this information is useful to investors because it provides a basis for measuring the Company’s available capital resources, the operating performance of its business and its cash flow, excluding net interest expense, provisions for or benefit from income taxes, depreciation, amortization, fair value adjustment, transaction and other expenses, restructuring costs, and stock-based compensation that would normally be included in the most directly comparable measures calculated and presented in accordance with Generally Accepted Accounting Principles (“GAAP”). In addition, the Company’s management uses these non-GAAP financial measures along with the most directly comparable GAAP financial measures in evaluating the Company’s operating performance, capital resources and cash flow. Non-GAAP financial measures should not be considered in isolation from, or as a substitute for, financial information presented in compliance with GAAP, and non-financial measures as reported by the Company may not be comparable to similarly titled amounts reported by other companies.

 

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B. RILEY FINANCIAL, INC. AND SUBSIDIARIES

Consolidated Balance Sheets

(Dollars in thousands, except par value)

  

   June 30,   December 31, 
   2019   2018 
   (Unaudited)     
Assets        
Assets:        
Cash and cash equivalents  $55,609   $179,440 
Restricted cash   2,635    838 
Due from clearing brokers   29,245    37,738 
Securities and other investments owned, at fair value   270,290    273,577 
Securities borrowed   759,921    931,346 
Accounts receivable, net   56,450    42,123 
Due from related parties   4,318    1,729 
Advances against customer contracts   5,322     
Loans receivable   250,521    38,794 
Prepaid expenses and other assets   140,817    79,477 
Operating lease right-of-use assets   50,943     
Property and equipment, net   13,997    15,523 
Goodwill   220,181    223,368 
Other intangible assets, net   82,765    91,358 
Deferred income taxes   35,969    42,399 
Total assets  $1,978,983   $1,957,710 
Liabilities and Equity          
Liabilities:          
Accounts payable  $2,136   $5,646 
Accrued expenses and other liabilities   93,832    108,662 
Deferred revenue   68,097    69,066 
Due to related parties and partners   1,563    2,428 
Securities sold not yet purchased   42,754    37,623 
Securities loaned   759,109    930,522 
Mandatorily redeemable noncontrolling interests   4,224    4,633 
Operating lease liabilities   65,499     
Notes payable   1,193    1,550 
Term loan   80,916    79,166 
Senior notes payable   582,482    459,754 
Total liabilities   1,701,805    1,699,050 
           
Commitments and contingencies          
B. Riley Financial, Inc. stockholders’ equity:          
Preferred stock, $0.0001 par value; 1,000,000 shares authorized; none issued        
Common stock, $0.0001 par value; 100,000,000 shares authorized; 26,919,941 and 26,603,355 issued and outstanding as of June 30, 2019 and December 31, 2018, respectively.   3    2 
Additional paid-in capital   255,865    258,638 
Retained earnings   22,424    1,579 
Accumulated other comprehensive loss   (1,824)   (2,161)
Total B. Riley Financial, Inc. stockholders’ equity   276,468    258,058 
Noncontrolling interests   710    602 
Total equity   277,178    258,660 
  $1,978,983   $1,957,710 

  

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B. RILEY FINANCIAL, INC. AND SUBSIDIARIES

Consolidated Statements of Income

(Unaudited)

(Dollars in thousands, except share data)

  

   Three Months Ended   Six Months Ended 
   June 30,   June 30, 
   2019   2018   2019   2018 
Revenues:                
Services and fees  $154,859   $118,882   $286,712   $207,331 
Interest income - Securities lending   7,665    6,591    16,995    13,882 
Sale of goods   2,160    28    3,105    66 
Total revenues   164,684    125,501    306,812    221,279 
Operating expenses:                    
Direct cost of services   24,232    13,925    42,769    25,577 
Cost of goods sold   1,805    49    2,924    90 
Selling, general and administrative expenses   87,338    76,723    177,881    144,821 
Restructuring charge   1,552    1,602    1,699    1,819 
Interest expense - Securities lending   5,502    4,724    12,306    9,892 
Total operating expenses   120,429    97,023    237,579    182,199 
Operating income   44,255    28,478    69,233    39,080 
Other income (expense):                    
Interest income   331    166    968    294 
(Loss) income from equity investments   (1,400)   4,893    (5,162)   4,221 
Interest expense   (11,588)   (10,359)   (22,358)   (14,586)
Income before income taxes   31,598    23,178    42,681    29,009 
Provision for income taxes   (9,289)   (5,377)   (12,393)   (6,366)
Net income   22,309    17,801    30,288    22,643 
Net income attributable to noncontrolling interests   152    804    108    1,143 
Net income attributable to B. Riley Financial, Inc.  $22,157   $16,997   $30,180   $21,500 
                     
Basic income per share  $0.84   $0.67   $1.15   $0.83 
Diluted income per share  $0.82   $0.64   $1.13   $0.80 
                     
Weighted average basic shares outstanding   26,278,352    25,424,178    26,247,952    25,799,077 
Weighted average diluted shares outstanding   26,896,573    26,397,513    26,770,922    26,785,169 

 

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B. RILEY FINANCIAL, INC. AND SUBSIDIARIES

Consolidated Statements of Cash Flows

(Dollars in thousands)

  

   Six Months Ended
June 30,
 
   2019   2018 
Cash flows from operating activities:        
Net income  $30,288   $22,643 
Adjustments to reconcile net income to net cash provided by (used in) operating activities:          
Depreciation and amortization   9,744    6,670 
Provision for doubtful accounts   1,067    648 
Share-based compensation   5,548    5,559 
Non-cash interest and other   (3,144)   1,870 
Effect of foreign currency on operations   339    (582)
Loss (income) from equity investments   5,162    (4,221)
Deferred income taxes   6,430    7 
Impairment of leaseholds and intangibles, lease loss accrual and gain on disposal of fixed assets   (344)   1,403 
Income allocated and fair value adjustment for mandatorily redeemable noncontrolling interests   446    543 
Change in operating assets and liabilities:          
Due from clearing brokers   8,493    (3,763)
Securities and other investments owned   3,287    (15,180)
Securities borrowed   171,425    (206,899)
Accounts receivable and advances against customer contracts   (22,420)   (208,658)
Prepaid expenses and other assets   (45,500)   (16,108)
Accounts payable, accrued payroll and related expenses, accrued expenses and other liabilities   1,143    5,320 
Amounts due to/from related parties and partners   (3,454)   3,362 
Securities sold, not yet purchased   5,131    (10,708)
Deferred revenue   (790)   459 
Securities loaned   (171,413)   208,869 
Net cash provided by (used in) operating activities   1,438    (208,766)
Cash flows from investing activities:          
Purchases of loans receivable   (225,072)    
Repayments of loans receivable   17,640     
Purchases of property, equipment and intangible assets   (2,514)   (1,836)
Proceeds from sale of property, equipment and intangible assets   503    37 
Equity investments   (25,183)   (3,575)
Proceeds from sale of division of magicJack   6,196     
Dividends from equity investments   854    1,695 
Net cash used in investing activities   (227,576)   (3,679)
Cash flows from financing activities:          
Proceeds from asset based credit facility       300,000 
Repayment of asset based credit facility       (194,460)
Proceeds from notes payable       51,020 
Repayment of notes payable   (357)   (357)
Proceeds from term loan   10,000     
Repayment of term loan   (8,305)    
Proceeds from issuance of senior notes   123,935    132,123 
Payment of debt issuance costs   (2,039)   (4,936)
Payment of employment taxes on vesting of restricted stock   (2,291)   (3,570)
Dividends paid   (9,991)   (9,549)
Repurchase of common stock   (3,252)   (17,338)
Repurchase of warrants   (2,777)    
Distribution to noncontrolling interests   (856)   (782)
Net cash provided by financing activities   104,067    252,151 
(Decrease) increase in cash, cash equivalents and restricted cash   (122,071)   39,706 
Effect of foreign currency on cash, cash equivalents and restricted cash   37    (499)
Net (decrease) increase in cash, cash equivalents and restricted cash   (122,034)   39,207 
Cash, cash equivalents and restricted cash, beginning of year   180,278    152,534 
Cash, cash equivalents and restricted cash, end of period  $58,244   $191,741 
           
Supplemental disclosures:          
Interest paid  $22,112   $21,868 
Taxes paid  $891   $2,306 

 

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B. RILEY FINANCIAL, INC. AND SUBSIDIARIES

Segment Financial Information

Unaudited

(Dollars in thousands)

 

   Three Months Ended   Six Months Ended
   June 30,   June 30, 
   2019   2018   2019   2018 
Capital Markets segment:                
Revenues - Services and fees  $86,583   $71,194   $162,554   $124,232 
Interest income - Securities lending   7,665    6,591    16,995    13,882 
Total revenues   94,248    77,785    179,549    138,114 
Selling, general and administrative expenses   (63,041)   (57,713)   (126,430)   (111,352)
Restructuring (charge) recovery   (25)   (1,774)   4    (2,029)
Interest expense - Securities lending   (5,502)   (4,724)   (12,306)   (9,892)
Depreciation and amortization   (1,287)   (1,555)   (2,563)   (3,119)
Segment income   24,393    12,019    38,254    11,722 
Auction and Liquidation segment:                    
Revenues - Services and fees   33,740    26,836    54,449    42,353 
Revenues - Sale of goods   1,176        1,176     
Total revenues   34,916    26,836    55,625    42,353 
Direct cost of services   (12,939)   (6,849)   (19,213)   (11,425)
Cost of goods sold   (852)   (16)   (866)   (17)
Selling, general and administrative expenses   (3,295)   (3,617)   (6,210)   (6,498)
Depreciation and amortization   (2)   (8)   (4)   (16)
Segment income   17,828    16,346    29,332    24,397 
Valuation and Appraisal segment:                    
Revenues - Services and fees   9,742    9,459    18,325    17,979 
Direct cost of services   (4,569)   (4,123)   (8,990)   (8,321)
Selling, general and administrative expenses   (2,405)   (2,414)   (5,171)   (4,759)
Depreciation and amortization   (31)   (54)   (64)   (103)
Segment income   2,737    2,868    4,100    4,796 
Principal Investments - United Online and magicJack segment:                    
Revenues - Services and fees   24,794    11,393    51,384    22,767 
Revenues - Sale of goods   984    28    1,929    66 
Total revenues   25,778    11,421    53,313    22,833 
Direct cost of services   (6,724)   (2,953)   (14,566)   (5,831)
Cost of goods sold   (953)   (33)   (2,058)   (73)
Selling, general and administrative expenses   (5,495)   (2,015)   (12,515)   (3,973)
Depreciation and amortization   (3,300)   (1,679)   (6,763)   (3,358)
Restructuring charge   (1,527)       (1,703)    
Segment income   7,779    4,741    15,708    9,598 
Consolidated operating income from reportable segments   52,737    35,974    87,394    50,513 
                     
Corporate and other expenses (including restructuring recovery of $172 and $210 during the three and six months ended June 30, 2018, respectively)   (8,482)   (7,496)   (18,161)   (11,433)
Interest income   331    166    968    294 
(Loss) income on equity investments   (1,400)   4,893    (5,162)   4,221 
Interest expense   (11,588)   (10,359)   (22,358)   (14,586)
Income before income taxes   31,598    23,178    42,681    29,009 
Provision for income taxes   (9,289)   (5,377)   (12,393)   (6,366)
Net income   22,309    17,801    30,288    22,643 
Net income attributable to noncontrolling interests   152    804    108    1,143 
Net income attributable to B. Riley Financial, Inc.  $22,157   $16,997   $30,180   $21,500 

 

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B. RILEY FINANCIAL, INC. AND SUBSIDIARIES

Adjusted EBITDA Reconciliation

(Unaudited)

(Dollars in thousands)

 

   Three Months Ended   Six Months Ended
   June 30,   June 30, 
   2019   2018   2019   2018 
Net income attributable to B. Riley Financial, Inc.  $22,157   $16,997   $30,180   $21,500 
Adjustments:                    
Provision for income taxes   9,289    5,377    12,393    6,366 
Interest expense   11,588    10,359    22,358    14,586 
Interest income   (331)   (166)   (968)   (294)
Share based payments   2,934    2,678    5,548    5,236 
Depreciation and amortization   4,831    3,333    9,744    6,670 
Restructuring costs   1,552    1,602    1,699    1,819 
Transactions related costs and other   836    1,191    6,332    1,545 
                     
Total EBITDA adjustments   30,699    24,374    57,106    35,928 
                     
Adjusted EBITDA  $52,856   $41,371   $87,286   $57,428 

 

8

 

 

 

 

B. RILEY FINANCIAL, INC. AND SUBSIDIARIES

Adjusted Net Income Reconciliation

(Unaudited)

(Dollars in thousands, except share data)

 

   Three Months Ended   Six Months Ended
   June 30,   June 30, 
   2019   2018   2019   2018 
Net income attributable to B. Riley Financial, Inc.  $22,157   $16,997   $30,180   $21,500 
Adjustments:                    
Share based payments   2,934    2,678    5,548    5,236 
Amortization of intangible assets   3,344    2,146    6,721    4,306 
Restructuring costs   1,552    1,602    1,699    1,819 
Transactions related costs and other   836    1,191    6,332    1,545 
Income tax effect of adjusting entries   (2,560)   (1,831)   (5,805)   (2,783)
Adjusted net income attributable to B. Riley Financial, Inc.  $28,263   $22,783   $44,675   $31,623 
                     
Adjusted income per common share:                    
Adjusted basic income per share  $1.08   $0.90   $1.70   $1.23 
Adjusted diluted income per share  $1.05   $0.86   $1.67   $1.18 
                     
Shares used to calculate adjusted basic net income per share   26,278,352    25,424,178    26,247,952    25,799,077 
Shares used to calculate adjusted diluted net income per share   26,896,573    26,397,513    26,770,922    26,785,169 

 

 

# # #

 

Contacts

 

  Investors   Media
  B. Riley Financial   Jo Anne McCusker
  ir@brileyfin.com   jmccusker@brileyfin.com
  (310) 966-1444   (646) 885-5425
       
       
       
       

 

 

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